FIRST DALLAS SECURITIES INC.

First Dallas Securities, Inc. offers advisory account management services to individuals, institutions, trusts, estates, charitable organizations, corporations, and pension and profit-sharing plans. They provide discretionary account management services, where clients grant them discretion to buy and sell securities based on the client's investment objectives and other suitability factors. As of July 31st, 2024, First Dallas Securities had $297,314,357 in discretionary assets under management. First Dallas Securities charges fees for its advisory services, but does not charge performance-based fees or provide side-by-side management services. They are committed to following policies and procedures designed to ensure that they give advice that is in the best interest of their clients. They also charge no more than is reasonable for their services and provide basic information about conflicts of interest.

The investment strategies employed by the firm involve both Fundamental and Technical security analysis methods. The firm's approach is often described as "focused, concentrated, or non-diversified," meaning that investments may be concentrated in a smaller number of securities compared to other broadly diversified strategies. This approach can lead to increased volatility and risk, as changes in the value of individual securities may have a more significant impact on overall portfolio value. The firm also acknowledges the inherent risks associated with all securities trading, including the potential for losses due to market corrections or declines. Past performance is not necessarily indicative of future results, and clients are advised to make every effort to understand the risks involved before investing.